A clearly happy birthday
Clearing houses have seldom had as much attention
focused on them as they are having at the moment. The
previously cosy relationships that existed between most
exchanges and clearing houses has come under close scrutiny
with long-established relationships coming to an end. So it is
timely that Kansas City Board of Trade should be celebrating
the 90th anniversary of its wholly-owned clearing house, the
Kansas City Board of Trade Clearing House. Established in 1913
as the Grain Clearing Company, the clearing house adopted its
current moniker in 1986 and prides itself that in its 90-year
existence no clearing member or customer has ever had a
financial loss due to any kind of default. So, if anybody
currently reviewing their clearing arrangements is shopping
around, they could do worse than visit Kansas, where, as the
musical Oklahoma tells us, "everything is up to date".
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